"For the last 11 seasons, I've had the privilege to be a part of one of television's most iconic shows. It's been a wild ride, and I'm excited for my journey with American Idol to continue," Seacrest said in Fox's press release.

"The legions of fans, amazingly talented contestants, judges, and producers, along with the hard working Idol crew, impress me every time we go on air and make hosting the show a dream job. I especially appreciate the support and confidence of Peter Rice, Mike Darnell and the entire Fox team—as well as the support of everyone at FremantleMedia North America—and I look forward to continuing our partnership."

"Ryan is one of a kind," added Mike Darnell, President of Alternative Entertainment, Fox Broadcasting Company. "His ability to engage the viewers, keep the contestants at ease during intense moments and adapt to any situation, especially during the live shows, solidifies him as the absolute best in the business. He is an integral part of why American Idol is a true phenomenon, and we can't imagine doing this show without him."

Seacrest will reportedly continue to earn $15 million a year for the gig.